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Spectral diagnostics Raises $14 million and enters into strategic collaboration with BioMS Medical to commercialize treatment for sepsis
Date:12/17/2009

terest bearing, unsecured convertible promissory note in the principal amount of $1,156,250 dated June 19, 2006 issued by the Company to GrowthWorks (the "Promissory Note Conversion", and together with the Financing, the "Proposed Transactions").

Under the terms of the Financing, BioMS will be entitled to nominate up to two directors to the Spectral board for as long as the collective shareholdings of BioMS and its affiliates constitutes 10% or more of the issued and outstanding Common Shares (calculated on a non-diluted basis). GrowthWorks will also be entitled to nominate one director to the Spectral board for as long as the collective shareholdings of GrowthWorks and its affiliates constitutes 10% or more of the issued and outstanding Common Shares (calculated on a non-diluted basis). Each of Spectral, BioMS, GrowthWorks, and Dr. Paul Walker have entered into a voting agreement to support the appointment of such BioMS and GrowthWorks nominees from time to time in accordance with the foregoing. Additionally, at Closing, such persons will enter into a 120 day lock-up agreement in respect of all Spectral securities owned or over which it has control or direction.

In connection with the Financing, BioMS and Spectral have also agreed to enter into a three year $3 million services agreement at Closing, whereby BioMS will provide clinical, regulatory and capital market consulting services to Spectral.

The Closing of the Proposed Transactions is subject to the approval of the Toronto Stock Exchange, and other customary closing conditions. The Proposed Transactions are also subject to the majority approval of the shareholders of the Company ("Shareholders") at a special meeting (the "Special Meeting") which has been called for January 29, 2010. The record date for the purposes of determining Shareholders entitled to vote at the Special Meeting has been set as the close of business on December 29, 2009. The transaction is currently expected
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SOURCE BioMS Medical Corp.
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